The factors of production are known as:
A) natural resources, labor, physical capital, and entrepreneurship.
B) natural resources, labor, physical capital, and output.
C) labor, output, physical capital, and unions.
D) output, labor, transportation, and entrepreneurship.

Question

Quizplus · Accepted Answer

The factors of production include natural resources (land), labor (human effort), physical capital (machinery, buildings, tools), and entrepreneurship (the initiative to combine the other factors into a productive enterprise).

The Factors of Production Are Known As